Rave Restaurant’s stock quadruples on heavy volume, a day after announcing two executive hires

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Shares of Rave Restaurant Group Inc. skyrocketed 307% on heavy volume in premarket trading Wednesday, putting them on track to open at an 11-month high. Trading volume spiked to 7.7 million shares, compared with the full-day average of about 449,000 shares. The stock’s surge comes a day after the stock rose 8.9% on volume of 2.2 million shares after the company, which is the parent of Pizza Inn and Pie Five Pizza, announce the hiring of two executives: Darren Webb, previously director of real estate for companies including Bojangles Restaurants Inc., as director of development supporting Pizza Inn and Pie Five; and Dion Firooznia, who has been an executive at Bojangles and an operating partner for some Qdoba Mexican Eats Restaurants, as franchise business consultant for Pizza Inn. A company spokesperson did not immediately respond to a request for information or comment. Rave’s stock, which closed at a 28-year low of 41 cents on Sept. 2, has plummeted 68.9% year to date through Tuesday, while the S&P 500 has gained 4.0%.
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